For each of the following given accounts we have to indicate the effects of a debit and a credit on the accounts & the normal balance of the account.
a. Accounts Payable:
Debit Effect - Decrease
Credit Effect - Increase
Normal balance of the Account - Credit
b. Advertising Expense:
Debit Effect - Increase
Credit Effect - Decrease
Normal balance of the Account - Debit
c. Service Revenue:
Debit Effect - Decrease
Credit Effect - Increase
Normal balance of the Account - Credit
d. Accounts Receivable:
Debit Effect - Increase
Credit Effect - Decrease
Normal balance of the Account - Debit
e. Retained Earnings:
Debit Effect - Decrease
Credit Effect - Increase
Normal balance of the Account - Credit
f. Dividends:
Debit Effect - Increase
Credit Effect Decrease
Normal balance of the Account - Debit
Debit Balance = Expenses and assets like cash, accounts receivable, inventory, and so on are increased by debits and decreased by credits.
Credit Balance = Credits increase and debits decrease credit balances such as revenue, share capital, retained earnings, liabilities such as accounts payable, debt, and so on.
Hence, the effects of a debit and a credit on the accounts and the normal balance for each of the accounts is given above.
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